Hearings

Jun252009 12:01 AM

Washington, D.C. – Congresswoman Carolyn B. Maloney, Chair of the Joint Economic Committee (JEC) convened a hearing to investigate the extent to which minority borrowers and senior citizens have been targeted to receive higher cost loans. The hearing entitled, “Predatory Lending and Reverse Redlining: Are Low-income, Minority and Senior Borrowers Targets for Higher Cost Loans?” was held on Thursday, June 25th 2009, at 11:00 a.m. in room 2118 of the Rayburn House Office Building. The JEC examined the prevalence of “reverse redlining” and whether further federal action to prevent discriminatory lending is needed. Additionally, the committee explored how the newly proposed Consumer Financial Product Safety Agency could protect against manipulative lending in the future.